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Parliament passed the Law On Virtual Assets in line with the President's proposals

posted 17 February 2022 13:56

The Verkhovna Rada supported the amendments of the President of Ukraine to the Law On Virtual Assets. 272 MPs voted in support. The law will allow to launch a legal market for virtual assets in Ukraine. According to the changes, the National Commission on Securities and Stock Market will regulate the virtual assets market.

"The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, while Ukrainians will have convenient and secure access to the global market for virtual assets. Market participants will receive legal protection and the opportunity to make decisions based on open consultations with government agencies. There will appear a transparent mechanism for investing in a new asset class," said Deputy Prime Minister - Minister of Digital Transformation Mykhailo Fedorov.

The National Commission’s on Securities and Stock Market will be responsible for the following:

  • shaping and pursuing a policy in the field of virtual assets;
  • determining the order of circulation of virtual assets;
  • issuing permits to virtual asset service providers;
  • carrying out supervision and financial monitoring in this area.

The Ministry of Digital Transformation’s team worked on the legal field in this area. Together with industry representatives, they worked on drafting the Law On Virtual Assets. Currently, the Ministry of Digital Transformation also engages in activities to develop appropriate amendments to the Tax and Civil Codes of Ukraine to fully launch the market of virtual assets.

Ukraine is among the top 5 countries in the world in the number of cryptocurrency users. We have a well-developed society of blockchain developers. The number of Ukrainian crypto startups is growing.

"Today, the potential of the global crypto industry is determined by billions of investments. Its growth rate is ahead of traditional sectors of the economy. In Ukraine, the virtual asset market can become a powerful sector of the digital economy. Thanks to the adopted Law, we have every chance to be a leading country for business development in this innovative field," said Deputy Minister of Digital Transformation for IT Development Oleksandr Bornyakov.

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